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What the heck does all that mean? As a Vector bondholder and wouldbe shareholder I suppose I should plough through all that legalistic stuff but I've got better things to do. I'll wait to see what the Herald etc make of it tomorrow.
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quote: Originally posted by Lawso
What the heck does all that mean? As a Vector bondholder and wouldbe shareholder I suppose I should plough through all that legalistic stuff but I've got better things to do. I'll wait to see what the Herald etc make of it tomorrow.
It means the trustees want the board of Vector to include them a bit more in their decision-making process .... they don't want them running off on a wild spending exercises that the company's only shareholder is never going to approve.
The technical hitch in this is that because your bonds are listed the company feels they cannot disclose information to one shareholders without disclosing it to the bond holders (i,.e, the exchange)
It might be that the company has lodged this expecting not to get the dispensation - so that it doesn't have to share infor with the trustees ... I would hope that isn't the case
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Thanks for that, WS. I guess there are tensions between the trustees and the board that will not be resolved unless there are drastic personnel changes. With the present setup I can't see any prospect of a Vector IPO.
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quote: Originally posted by Lawso
Thanks for that, WS. I guess there are tensions between the trustees and the board that will not be resolved unless there are drastic personnel changes. With the present setup I can't see any prospect of a Vector IPO.
I think the IPO is closer than ever because of the will of the majority of trustees .... they also need to do it early in their term as trustees
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Hope you're right. You're obviously closer to the scene than I am.
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According to comment in Herald on Stuff etc etc.
It appears that a vote is scheduled Thursday night on "Project Nugget"[xx(], whether to do an IPO to raise money to buy NGC []. Which way the vote goes depends upon whether AECT trustee John Collinge can vote and there is a court hearing today to decide this. Read the articles if you are actually interested on all the dirt of this one.
I predict that the court hearing will ajourn to a later date, reserve judgement, or decide it can not decide: i.e. do anything rather than make a decision in time. Could be wrong, often am [:0]
We wait and see [|)]
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Isn't it bizarre that the one person who should be pushing for the partial privatisation - a former commercial lawyer - should now be holding it up because he has been politically shafted and wants to be all petulant. Meanwhile the trust's consumers might miss out on a great opportunity to grow their investment and the rest of us miss out on a great investment opportunity. Hopefully some sanity will prevail - though no doubt the lefty media will say the asset shouldn't be sold (even though the asset will actually get bigger)!
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As I predicted two posts ago, the court has made a decision.
John Collinge will not be able to vote tomorrow and it now expected that the AECT will vote in favour of a partial float of VECTOR. [8D] Start stuffing your piggy banks for the IPO.
PS The prediction that came true is "Could be wrong, often am": Now that is hedgeing. [B)]
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